Spanish shares lead Europe lower after fragmented election result

LONDON, Rabi’I 10, 1437, Dec 21, 2015, SPA — Spain’s top stock index led European shares down on Monday after an inconclusive election result cast fresh uncertainty over the outlook for the country’s reform programme and the broader economy, Reuters reported.

Spain’s IBEX fell 2.7 percent, with all but one stock in negative territory and banks among top fallers.

Neither Prime Minister Mariano Rajoy’s conservatives nor left-wing parties won a clear mandate to govern following a historically fragmented vote in Spanish elections on Sunday, with talks to form a coalition government expected to take weeks.

Overall, the pan-European FTSEurofirst 300 fell 0.3 percent to 1,415.71 by 0811 GMT.

11:35 LOCAL TIME 08:35 GMT